Ethereum Co-Founder Aids In Launch Of New Blockchain Startup

Ambrosus – the Switzerland based blockchain startup – wants to revolutionize the food supply chain by introducing contracts to track the production. The new blockchain ecosystem is built on the Ethereum network and was released on Wednesday.

Ambrosus defining the concept of blockchain

The food industry is now understanding the concept of blockchain because of Ambrosus. The Swiss company, which was founded just last year, was officially launched only recently. In September, an Initial Coin Offering (ICO) will begin.

The company is aiming to use cutting-edge technology to improve the food supply chain, according to the website of Ambrosus. The website notes, “Combining high-tech sensors, blockchain protocol, and smart contracts, we are building the world’s first publicly verifiable, community-driven ecosystem to assure [sic] the quality, safety, and origins of food.” The main aim is to keep track of produce as the startup moves from farm to fork, with the blockchain making sure about the integrity of the data.

The ITcoin of Russia is doing something similar for the beef products of the nation. Ambrosus is built on the Ethereum blockchain and Gavin Wood’s – the co-founder of Ethereum – Parity Technologies is its core technology partner. Jutta Steiner – the co-founder of Parity – is joining Wood as a technical advisor for Ambrosus. It should be noted that Parity has been in the news recently as well. The company only this week reported a breach that compromised its crypto wallet which resulted in the theft of $30 million in ether. This news is threatening to cast a shadow on the supposed security of blockchains.

Ambrosus co-founder quite optimistic about the tech’s potential

Angel Versetti – the co-founder of Ambrosus – is appearing very optimistic about the potential for the technology of his company to push Ethereum into a new industry despite the bad timing of this Parity news. Angel Versetti notes, “The combination of the maturity of the technology and the brainpower and creativity of participating actors provides a unique and clear opportunity to build a bridge between Ethereum and the food sector.”

Currently, Parity is in the news for all the wrong reasons. After emerging as a security compromise, it has resulted in the theft of $30 mln worth of Ethereum. However, according to Wood the company was created to solve the most complex and thorniest problems. Ambrosus, however, remained bullish – in a press release on Wednesday – on the momentum Parity expertise would give the service in the future.

Nishtha Singh is a iStartup staff reporter who covers tech news, including review of devices, emerging startups, acquisitions, gadgets, Cars, Cloud, EVs, AR, VR, AI and more. Further, she is a reader, a tech-enthusiast, and a writer. Editor at Teenage Publishing and proof-reader at Evoque Publishing.